Credit cards, including debit and other financial transaction cards, are well known and have been successfully utilized for conducting business transactions as well as for authenticating individuals for many years. Credit cards are typically constructed from a durable material having a rectangular shape. Credit cards usually contain specific information that relates to identification or financial information of a cardholder. Such information may be embossed on the card or contained in a magnetic strip provided on the card. Information may consist of alphanumeric characters corresponding to the individuals account number, identifying PIN number or other personal data. Each type of card typically carries unique data for a particular financial institution, retail loyalty program, or the like.
Today many consumers use these types of cards in making payment transactions at grocery stores, gas stations, and other retail locations. These cards may be in the form of a credit card, debit card, loyalty card, or check card, for example. In many cases an individual uses a variety of payment methods and may have several payment cards with them at any given time. For example, one may carry a credit card that can be used practically anywhere and may also carry a credit card that can only be used at a specific retail store such as a department store or consumer electronics store. As the individual uses these cards, they must choose the card that they are going to utilize for payment and provide it to either the clerk behind the counter or swipe it through a reader. In any given transaction, an individual's financial information, such as account number, personal identification number (PIN) and personal information may be exposed to several different people, whether it is the clerk behind the counter, the waitress taking an order, or another individual in a position to see such information. This is because account numbers and other sensitive information are usually printed on the face of such cards. Moreover, such information is sometimes visible on display screens and paper receipts and the like. All of these points of contact can lead to exposure and potential fraudulent and illegal use of confidential information.
With the increase of fraud and identity theft, financial institutions and individuals are having to pay for losses because of such theft and thereby have a growing interest and need in providing privacy and security to the means in which they provide financial and informational transactions. The need to minimize the exposure of this type of information to unauthorized individuals becomes key to increasing the security for these types of transactions. Managing the numerous financial transaction cards and the like that individuals often carry can become cumbersome and thereby increases the risk of theft and loss.